Overview
Based on the H4 chart above, silver is still stabilizing between the support at 16.00 and the resistance level of 16.30 after its failure to break the support level yesterday. If silver continues its bearish trend and manages to break the support level, this would provide strong indicator for the downward move and open the way towards the support level of 15.70. In this case, we should wait for a breakout at this level to continue the bearish move. On the other hand, the breakout of this resistance level will reveal a bullish strength providing new buy-signals from this level until reaching the resistance level of 16.50 then 16.75.
Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.30), S1 (16.00), S2 (15.70), S3(15.50).
